Business Buzz


World economy picking up
The Canadian Press - Oct 10, 2017 - Business Buzz

The world economy is picking up momentum. The International Monetary Fund on Tuesday raised its forecast for global growth to 3.6 per cent this year and 3.7 per cent in 2018. For both years, the outlook is up 0.1 percentage points from the IMF’s previous forecast in July and would mark the fastest growth since […]

Sears closes everything
The Canadian Press - Oct 10, 2017 - Business Buzz

Update (2:30 p.m.): Sears Canada Inc. is seeking court approval to liquidate its roughly 130 remaining stores, leaving approximately 12,000 employees without a job. The embattled retailer, which has been operating under the Companies’ Creditors Arrangement Act since June, said Tuesday that it had failed to find a buyer that would allow it to continue […]

Canada atop G7
The Canadian Press - Oct 10, 2017 - Business Buzz

The International Monetary Fund has raised its estimate for Canada’s economic growth rate for this year and 2018, putting it at or near the top of the heap among advanced economies. The Washington-based IMF is now estimating Canada’s gross domestic product for 2017 will be 3.0 per cent — half a percentage point higher than […]

From church to brewery
The Canadian Press - Oct 06, 2017 - Business Buzz

Ira Gerhart finally found a place last year to fulfil his yearslong dream of opening a brewery: a 1923 Presbyterian church. It was cheap, charming and just blocks from downtown Youngstown. But soon after Gerhart announced his plans, residents and a minister at a Baptist church just a block away complained about alcohol being served […]

10 months of job gains
The Canadian Press - Oct 06, 2017 - Business Buzz

A surge in full-time work in September fuelled a 10th-straight month of net job gains to match the economy’s longest monthly streak since the financial crisis nine years ago, Statistics Canada said Friday. The national unemployment rate stayed at a nine-year low of 6.2 per cent in September after Canada added 10,000 net new jobs, […]

Sears assessing revised bid
The Canadian Press - Oct 05, 2017 - Business Buzz

Sears Canada has just over a week to assess another revised bid from a buyer group led by its executive chairman as its lenders press for liquidation of the embattled retailer that could start as early as mid-October. Orestes Pasparakis, a lawyer for the insolvent retailer’s court-appointed monitor FTI Consulting Canada, told the court it […]

Morneau sunny on economy
The Canadian Press - Oct 05, 2017 - Business Buzz

The Minister of Finance says he is pleased with Canada’s economic situation even as the country’s latest export figures dropped for the third straight month. Bill Morneau met with private sector economists in Toronto this morning and says the consensus was that the economy is in a better place than would have been expected a […]

Energy East pipeline dead
The Canadian Press - Oct 05, 2017 - Business Buzz

TransCanada has cancelled plans for the Energy East pipeline and Eastern Mainline projects that were to take Alberta oilsands production to Quebec and New Brunswick. The Calgary-based company had announced last month that it was suspending its efforts to get regulatory approvals for the mega projects. It will now inform the federal and provincial regulators […]

Amazon taxed $295M
The Canadian Press - Oct 04, 2017 - Business Buzz

Amazon has to pay $295 million in back taxes to Luxembourg, the European Union ordered Wednesday, in its latest attempt to tighten the screws on multinationals it says are avoiding taxes through sweetheart deals with individual EU states. Margrethe Vestager, the EU official in charge of antitrust issues, also took Ireland to court for failing […]

Half of pot tax to provinces
The Canadian Press - Oct 04, 2017 - Business Buzz

Prime Minister Justin Trudeau is proposing to levy a federal excise tax on recreational marijuana once it becomes legal next July, with the provinces and territories receiving half the revenue. Under a federal proposal put to premiers during a first ministers meeting Tuesday, each gram of pot would be subject to an excise tax of […]